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currency |
Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Acronyms, Wikipedia, Hutchinson | 0.01 sec. |
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currency: see money money, term that actually refers to two concepts: the abstract unit of account in terms of which the value of goods, services, and obligations can be compared; and anything that is widely established as a means of payment. ..... Click the link for more information. . currencyIn industrialized nations, the portion of the national money supply (consisting of banknotes and government-issued paper money and coins) that does not require endorsement to serve as a medium of exchange. Since the abandonment of the gold standard, governments have not been obligated to repay the holders of currency in any form of precious metal. Consequently, the volume of currency has been determined by the actions of the government or central bank and not by the supply of precious metals. In less-developed societies, or in times of economic scarcity, items such as livestock or tobacco (cigarettes) may serve as currency. See also coinage. |
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| They were a great deal worse than the old Indian currency of clam-shells. And as counters of imitation gold can be used only among a group of people who agree to accept them as gold, or among those who do not know the nature of gold, so universal historians and historians of culture, not answering humanity's essential question, serve as currency for some purposes of their own, only in universities and among the mass of readers who have a taste for what they call "serious reading. But the woman had fled through a door, and on the paper was written:--"This is to certify that I, The Worm, have paid in full my debts to the Senior Subaltern, and, further, that the Senior Subaltern is my debtor, by agreement on the 23d of February, as by the Mess attested, to the extent of one month's Captain's pay, in the lawful currency of the India Empire. |
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currency
